Does homeowners insurance cover mold damage?

Homeowners insurance may cover mold damage if it's caused by a covered peril, like water damage from a sudden pipe burst. However, it typically does not cover mold resulting from neglect, humidity, or slow leaks. Preventative maintenance and timely repairs can help avoid mold issues.

Can a policyholder reinstate a lapsed policy?

Yes, if a policy lapses, the policyholder may be able to reinstate it within a specific time frame by paying overdue premiums and possibly providing evidence of insurability, such as a medical exam for life insurance.

How does a deductible affect my insurance claim payout?

A deductible is the amount you must pay out-of-pocket before the insurer covers the remaining claim cost, reducing the total payout received.

What challenges does blockchain technology face?

Blockchain faces challenges like scalability (slow transaction processing), high energy consumption, regulatory uncertainty, and adoption resistance. Security risks like 51% attacks, smart contract vulnerabilities, and interoperability between different blockchain networks also pose obstacles to widespread adoption.

How do life insurance premiums work?

Life insurance premiums depend on age, health, coverage amount, and policy type. Younger and healthier individuals generally pay lower premiums than older individuals or those with health conditions.

What is the deductible for earthquake insurance?

The deductible for earthquake insurance is often a percentage of the home's insured value, typically ranging from 5% to 20%, depending on the policy and coverage.

What is the claim settlement ratio, and why is it important?

The claim settlement ratio (CSR) represents the percentage of claims settled by an insurer out of the total claims received in a financial year. A higher CSR (above 95%) indicates a reliable insurer with a good claim-paying record. It is an important factor when choosing a term insurance provider.

How do riders or endorsements affect exclusions?

Riders or endorsements can modify a policy by adding coverage for certain exclusions, such as earthquake or terrorism insurance, but they usually increase premiums.